Ledger Opening Balances
An opening balance for each account displayed may be entered. The opening balances that you input must represent the financial position of your business on the day you start entering live transactions.
The list of accounts displayed is taken from the chart of accounts. If an account is not displayed it will need to be added either as a standard account or a custom account before returning to this screen. See related topics for more on Chart of Accounts.
Note the opening balance date is taken as the day before the Liberty Accounts Start date.
Click on the SUBMIT button to store the details entered as part of the opening balance process. In accounting terms the other side of the accounting entry is posted to the Suspense Account